The value of bilateral non-oil trade between Dubai and Italy is estimated to reach €8.5 billion in 2022, growing by 7% year-on-year.
These are important figures that underline the significance of the economic relationship between this area of the world and our country.
The key sectors fuelling international trade between the UAE and Italy include machinery, precious stones and metals, aluminium, tobacco, vehicle parts, footwear and leather goods through plant, automation systems and creative design.
Opening of the new office in Milan
In this context, the new office of the Dubai International Chamber was inaugurated on 7 September in Milan, at the Four Seasons Hotel in Via Gesù. This office, the second in Europe for the Dubai Chamber (after the one in London, opened last June) aims to promote trade and investment between Dubai and Italy. But this is not the only aim, as the new presence in Italy aims to strengthen Dubai’s position as one of the world’s leading trade hubs, encouraging the opening of new businesses in the emirate. The Milan office is the eighth international representative office and aims to provide highly targeted networking and support to the Italian business community. The opening of the office in Italy then aims to foster the activation of strong relationships with key stakeholders in the public and private sector.
It is particularly interesting to understand the genesis of this and other international openings that are part of the broader ‘Dubai Global’ initiative, launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, to create a powerful network of 50 international representative offices for Dubai worldwide by 2030.
‘Dubai Global’: a grand strategic design for commercial growth
“Dubai Global” represents a grand strategic design that aims to strengthen Dubai’s position as one of the world’s leading business hubs, attracting investment, talent and new business to the emirate and supporting the international expansion of Dubai-based companies in 30 priority markets. Taking advantage of the opportunities offered by the Dubai Economic Agenda, the Government intends to support further growth in Dubai’s non-oil trade with Italy and other European countries, as well as an increase in strategic investments by companies in both markets.
Crossroads for international business
So Dubai attracts foreign companies, SMEs, investors and international talent by showcasing the emirate’s competitive advantages, sharing market intelligence and strengthening engagement with key international stakeholders. But that’s not all, it is also a ‘pit stop‘ from which to depart towards other international destinations in its circuit and relational network.
The Emirates have long represented an unmissable opportunity for Italian companies to develop their business considering Dubai as a commercial hub to the Middle East, Africa and Asian markets. In this sense Dubai Chamber aims to improve bilateral and trade relations between the two countries, identifying and capitalising on new trade and investment opportunities in priority sectors such as pharmaceuticals, agribusiness, automotive and consumer goods.
The opening of the Dubai Chamber office in Italy is therefore an important signal for Italian companies: new horizons and new business channels are opening up.
Giovanni Roncucci, President of Roncucci&Partners, was present at the Milan opening together with his country manager for South Africa Mr. Errol Gradwell to share the possible lines of collaboration and the most appropriate approach to support companies in entering the Emirati market.
At Roncucci&Partners we help companies develop themselves and their business, embrace change and evolve to thrive in a world that is increasingly complicated, insidious and requires great expertise. We do this by applying punctual methods and rigorous strategies, the result of many years of experience and the richness of the numerous success stories we have conducted all over the world. Passion and method are indeed our guides to enhance the present and build the future.